Setting up Sweeps and Alerts
What are Sweeps?
Sweeps in cryptocurrency and wallets system refer to a process of automatically transferring cryptocurrency from one wallet to another based on predefined rules or configurations. This includes setting thresholds or triggers that, once met, initiate the transfer of funds. Sweeps are a good tool to use to consolidate assets for security purposes or to automate the management of funds to ensure optimal liquidity.
In the case of Pay.io, we offer a two-wallet system — Hot Wallet and Treasury Wallet.
Hot Wallet contains your assets with active deposited funds. This is what is used to operate your Cashier UI and Payment Gateway to support withdrawals and gather deposits. Hot Wallets can have sweeps to Treasury Wallet, with special configurations for withdrawal limits and balance alerts.
Treasury Wallet acts as a “safe vault”, where the funds from your Hot Wallet are sent or swept to. This wallet is in your custody, not Pay.io's. You can always transfer funds from Treasury Wallet to your Hot Wallet.
Setting up Sweeps and Alerts
Prerequisites
Ensure that your assets have been set up and configured.
The first deposits have been made.
Configuration
Go to the Hot Wallet Page
Navigate to Hot Wallet page from the left-hand navigation and choose the asset for which you wish to set up sweeps logic for.
Click on the "Edit" icon under the "Actions" menu at the end of the table row.
You'll be able to set a different sweep configuration and alert for each asset.
Specify Your Transaction Type
In the pop-up, select the preferred transaction type — either crypto or fiat.
This will also determine the view you'll see for the following steps.
How Fiat and Crypto types differ from each other?
When configuring limits for your Hot Wallet, such as auto-approvals or sweeps, you can choose to set your thresholds in either Crypto or Fiat.
Setting limits in Crypto means the system will always use the exact token amount you specify (for example, 5 BTC). Because crypto prices are constantly moving, the real-world value of this limit will fluctuate with the market.
Setting limits in Fiat means the system uses live conversion rates to maintain a specific currency value (for example, € 10,000). This shields your operational limits from market volatility, making your treasury budgeting much more predictable.
You can switch between these two options at any time. The system will always apply your most recently saved configuration.
Configuration Steps for Crypto Type
For crypto, you'll be able to edit the maximum retained balance in the asset currency. This is the maximum balance that will be left in the Hot Wallet address. Any amount that exceeds this amount, will be automatically transferred (“swept”) to your Treasury Wallet.
In this window, you can also configure the minimum balance alert in your asset currency. This alert will be sent when the balance of the Hot Wallet address falls below the specified amount.
To enable the alert, ensure that the toggle under Custody Address is green.
The “Custody Address” field is automatically populated with your Treasury Wallet address, to which configured sweeps will transfer the assets.
To finalise setting the configuration, click on “Save Changes”.
Configuration Steps for Fiat Type
For Fiat, you'll be able to edit the maximum retained balance in the asset currency. This is the maximum balance that will be left in the Hot Wallet address. Any amount that exceeds this amount, will be automatically transferred (“swept”) to your Treasury Wallet.
In this window, you can also configure the minimum balance alert in your asset currency. This alert will be sent when the balance of the Hot Wallet address falls below the specified amount.
To enable the alert, ensure that the toggle under Custody Address is green.
The “Custody Address” field is automatically populated with your Treasury Wallet address, to which configured sweeps will transfer the assets.
To finalise setting the configuration, click on “Save Changes”.
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